Goa, the holiday paradise on earth has lately emerged as a holiday home and realty investment destination of India. Goa has consistently been a favoured vacationer goal for both domestic just as foreign visitors. Because of the development in the travel industry, the city has likewise risen as an investment destination for individuals searching for second home alternatives or for a consistent passive rental income.
Most of Goa is well-connected by roads and has four national highways passing through it. NH-66, NH-4A, NH-366 and NH-566 connects all major ports & city hotspots such as Panaji, Vasco da Gama, Dabolim, Mormugao Port and others to adjoining cities like Mumbai, Belgaum, Hubli and others. The Goa International Airport is located at Dabolim, which connects Goa with all domestic cities and international destinations, namely, Dubai, Muscat, Kuwait & others. Goa has two rail lines – one run by the South Western Railway and the other by the Konkan Railway. These two different rail lines connect entire Goa with other cities of India.
Realty Market of Goa
Goa real estate market over the last 5-6 years have witnessed an unprecedented jump in capital value appreciation. It has become an attractive realty market for investment and second home destination for people all over the globe. Serene beaches, green nature, economic developments and tourist flocking has allured various national and regional developers, namely, Tata Housing, Axis Ecorp, Purvankara Group, Prestige Group, Salarpuria Group, Kolte-Patil Developers and others.
There are around 200 real estate developers offering about 350 residential projects all over Goa. The Goa Realty Market is mainly divided into two regions North-Goa and South-Goa. North-Goa is where most of the realty action is going on. Most of the residential projects in Goa are available in the average price range of INR 3,190 per sq. ft – INR 13,430 per sq. ft.
Axis Blues from Axis Ecorp developer, located in North-Goa is one of the best investment options available in Goa. Axis Blue starting from INR 35 lakh has fully furnished service suits from where an investor can earn consistent rental income with their modest investment.
Reasons to Invest in Goa Realty Market
Tourism is Goa’s essential industry and receive around 12% of foreign tourist arrivals in India. It is one of the most preferred holiday destinations for foreign and domestic travellers during the winter and summer seasons. According to the Economic Survey 2018-19, Goa has registered 4.69% surge in total tourist arrivals compared to last year. Goa has received around 54.8 lakh tourists, among that there are 6 lakh foreign nationals, while remaining 48.7 lakh are domestic visitors.
In the past few years, the city has seen an influx of multiple startups following the announcement of the Goa-Startup Policy in 2018. Currently there are seven Special Economic Zones (SEZs) which usher industrial growth in Goa. The Mormugao port took care of around 31.69 million tons of freight annually, which is 39% of India’s total iron ore exports.
A plethora of mining, pharmaceuticals, spirits, and fisheries companies are supporting overall economic development of Goa. This is only set to grow in the future, which will indirectly push the growth of real estate sector as well.
Wedding and Corporate outing destination:
Market reports gauge the Indian destination wedding industry to arrive at a market size of roughly INR 45,000 crore in 2020. Goa is possibly second to Rajasthan when it comes favoured destination. Corporate trips have additionally observed an ascent previously and properties in Goa will proceed with witness mass booking in the future.
Scope of Growth
Goa is gradually emerging as a realty hotspot for investment. It has a well-developed physical and social infrastructure to support and propel further real estate market development.
The under-construction Mopa International Airport in North Goa with a whopping budget of INR 3,000 crore is expected to be completed by 2022. The greenfield airport is expected to handle around 13.1 million of passengers annually and will witness a surge in employment and realty market growth.
Since 2004, beginning of the 35th release, the International Film Festival of India moved its permanent venue to Goa, it is yearly held in the long stretches of November and December. It is further attracting more tourists during the film festival towards Goa.